Pemex Revives DCM
It didn’t take long for this week’s positively-received US Fed comments to result in a blue-chip issuer reopening the LatAm bond market, with Pemex jumping out to raise $3bn. The region’s first dollar offering since May drew $12bn in orders and is the Mexican state-owned oil producer’s largest funding exercise to date. Taking advantage of a still-favorable rate environment and the dovish Fed remarks, the Baa1/BBB/ BBB+ credit surprised many to come out with 5-year fixed and floating-rate tranches and a 10.5-year fixed-rate tranche, before generating sufficient reverse inquiry...
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